Canadian financier Stephen Smith has agreed to acquire a 26.9% stake in The Economist magazine, according to reports from financial news outlets.

The transaction involves Smith purchasing the stake from the Rothschild family, who have been longtime stakeholders in the British publication. The financial terms of the deal were not disclosed.

The Economist, founded in 1843, is a weekly international affairs and business magazine known for its distinctive editorial style and global readership. The publication covers politics, economics, science, technology and culture from a liberal economic perspective.

Smith's acquisition represents a significant ownership change for the prestigious magazine. The purchase adds to his investment portfolio, though details about his specific plans for the publication have not been announced.

The transaction continues a trend of high-profile media acquisitions by wealthy individuals and investment firms in recent years. The Economist has maintained its independence and editorial direction through various ownership changes throughout its history.